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Indexed Sovereign Debt: An Applied Framework
Indexed Sovereign Debt: An Applied Framework

2015 Full Year Financial Report for Lend Lease Trust
2015 Full Year Financial Report for Lend Lease Trust

Inflation-Indexed Securities: Description and Market Experience
Inflation-Indexed Securities: Description and Market Experience

... Low trading volume and evidence of illiquidity are consistent with the observation that inflationindexed securities are “buy-and-hold” instruments among both individual and institutional investors. In other words, investors such as banks and pension funds are buying inflation-indexed notes and bonds ...
(Convenience Translation into English from the Original Previously
(Convenience Translation into English from the Original Previously

... Opinion on the Individual Financial Statements In our opinion, the individual financial statements present fairly, in all material respects, the financial position of Tupy S.A. as at December 31, 2010, and its financial performance and its cash flows for the year then ended in accordance with accoun ...
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The Economic Value of Timing Higher Order (Co

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Modeling Banking, Sovereign, and Macro Risk in a CCA Global VAR 218 WP/13/

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James Stokes (Spring `10, file)

... world, and Lehman Brothers was no exception to this view. Lehman Brothers had been around for well over a hundred years and at the turn of the twenty-first century it, “was the fourth-largest investment bank in the United States” (Q&A, par. 16). Many people viewed this corporation in a similar fashi ...
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harvard, yale, and alternative investments: a post

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Explaining the Excess Spread Premiums on Catastrophe Bonds
Explaining the Excess Spread Premiums on Catastrophe Bonds

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Everett mortgage email e-mail

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An Analysis of Default Risk in the Home Equity Conversion
An Analysis of Default Risk in the Home Equity Conversion

... have sufficient equity to fund the set aside, in addition to paying off their mortgage debt and other obligations. Thus the proportion of seniors who are eligible to obtain a HECM will fall. To understand this tradeoff, our analysis explores the impact of different credit thresholds and LESA requir ...
bonds plus 400 fund - Insight Investment
bonds plus 400 fund - Insight Investment

... long in breakevens. Our credit exposure was the largest positive contributor. We held a modest long in credit combined with some single name credit default swap positions. Our long in assetbacked securities also continued to perform positively. Sub-investment grade and emerging market exposure was n ...
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Net Noninterest Income

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CREDIT SUPPLY AND THE HOUSING BOOM

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Deposits and Relationship Lending
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Quantifying the Value of Implicit Government Guarantees for Large
Quantifying the Value of Implicit Government Guarantees for Large

... framework, default occurs when the value of the firm’s assets is insufficient to allow the firm to meet its contractual obligations. The unobservable business value of the firm is inferred from equity prices, together with the company’s capital structure, and the business risk of the firm. Over the ...
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How did US corporate securities markets differ from Europe`s before

... Economic historians have long extolled the gains from financial development. 1 By combining the capital of thousands of small investors, stock markets enabled the achievement of economies of scale or scope in large enterprises which would have posed serious challenges for most personally-owned enter ...
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Securitization

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization is believed to have played an important role in the U.S. subprime mortgage crisis.In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations are believed to have played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts.The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.
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